There is no meddling to Coinbase apps, you would think. Yet, Apple blocked Coinbase app ability to pay interest for Tezos and DAI, and all access to DEFI instruments, upset because they cannot cash in into their respective money flow. The Coinbase CEO, Brian Amstrong, published a very interesting Twitter thread, and you can read it bellow:
But wait, there is more, and i hope you may read all the message...
After all this thread, the things went south, and two factions seems to prevail, one blaming Apple, Alphabet (Google) and Amazon for their well-known atitude against competition (better to prevent that to fight against it), and another faction telling Brian to not be a Karen, as Apple platform got Apple in the name, not Coinbase, so they can do whatever they find fit in their own court, with even few pointing out the same atitude in Coinbase camp when it is about their own competition (i will not even start the discussion about TRON here). Apple in turn, send a veiled message to Coinbase reminding them how Coinbase protected their customers money during the Twitter hack, by stopping the people to send it to the hackers, and apparently doing this against the client choice of spending and free will. So, posing in the good guys, Apple admit it that they do not want their clients to lose money to DEFI, which may be true partially. Some even believe that Apple may be working on a competitive financial product that could potentially affect the cryptocurrency market.
Now, we have few aspects here:
-The bad one - Apple using their near-monopol position to dictate to the market, and do that for their own profit, even if this means positioning yourself against the progress. This is mainly greed, and most probably they cannot get a cut from all the money directed into the DEFI products. If they play this card wrong, in the next 5-10 years they can be demoted from their leading place. Also, they may work into a similar product, and do not want people to find another similar app/dapp from their direct competition.
-The legal one - In the end, it is their product and their name on it, so they can literarly do whatever they want related to this issue.
-The good one - By raising awareness, more people will realize what it is happening, but not many begginer would find out about DEFI, and they would not lose all their money buying DEFI tokens that live for a weekend. This can be potentially disastruos for crypto as a whole, and in limiting access to DEFI market, they do a service to all the crypto community (can you imagine finding out that someone in your town got a bussines that can triple your money overnight? You may believe it is a scam of some sorts, right? ).
What do you think about all this noise? Are you Pro-Apple or Pro-Coinbase?
I am very curious to hear your opinions!
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Disclaimer: This text also can be re-published on my personal blogs, such as this one.